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is controlled by the opec cartel, the organization of petroleum exporting countries, which meets twice a year to establish quotas in order to keep prices at an acceptable level for the opec exporters. the national oil companies of opec and other countries around the world hold the vast majority of oil reserves, over 80%. they produce only 40% of the world's petroleum every day. there's a chart in the report that you have that shows us graphically. if there's ever an example of a market that is not free, it is that. nobody operates and acts in that manner in a purely free market. in fact, if opec were doing what it does abroad in this country, it would be a crime and a violation of our antitrust laws. so the prescription that the energy security leadership council came up with several years ago, which was very impactful in the energy security -- independence and security act of 2007, was it? 2008? was based on our report in 2007, which said that the united states should maximize its oil and gas production, that it should significantly reduce consumption and improve conservation, which led to t
prices. the marginal barrel of production is controlled by the opec cartel, meets twice a year to establish quotas in order to keep prices at an acceptable level for the opec exporters. the national oil companies of opec and other countries around the world hold the vast majority of oil reserves. they produced only about 40% of the world petroleum every day. there's a chart that shows this graphically. if there is ever an example of a market that is not free, it is that. nobody acts in that matter in a purely free-market. if opec were doing what it does abroad in this country, it would be a crime and in violation of our antitrust laws. the prescription that the council, but several years ago which was very impact will in the energy security independence act of 2007, was it, was based on our port of 2007, which said that the united states should maximize its oil and gas production, that it should significantly reduce consumption and improve conservation, which led to the direct support for the reinstitution of fuel efficiency standards, which has not been done for 20 years. and
two years, around where it is today. that as opec announced today it will not raise the ceiling that it puts on oil exports of 30 million barrs a day and gas prices are still determined by global oil markets. i maintain that mark will see another economic renaissance and in part due to the domestic energy boom. just don't expect prices at the pump to fall anytime soon. if you're sick of slow internet connections at home, listen up. netflix, the on demand home movie provider depends on high speed connections for its customers to watch their movies. now netflix is starting a new series of monthly ratings of internet providers and the service -- the services with the fastest connection will edge google fiber rated number one by netflix. the speeds it says are 16% faster than number two verizon fios. comcast was number three on the list. here is the problem with google fiber. right now it is only available in kansas city, kansas. too bad, virtually nobody lives there. folks across the city in kansas city, missouri are out of luck for now. from the cnn money newsroom in new york, i'm
pointing going into 1q, the reason, it sort of rhymes in the spirit of the season. you have non-opec demand growing, global demand slowing, it's not snowing, and down is where we're going. the next big data point is probably the iaea report in february. and if that implicates more progress toward an iranian bomb, there's significant risk to look to the upside. in the meantime, you have a lot of other issues beyond the fiscal cliff. debt ceiling issues, if not resolved in the negotiation looming. and relatively long stocks here in the u.s. perhaps the most interesting part, becky, is to look at the convergence between light and heavy grades here in north america. we have a lot of light oil. and we're actually potentially short of heavy oil. so seeing convergence within that downward trend means there could be a bid for heavier. >> you would guess that would certainly hurt demand. >> sure. offsetting weakness in the dollar would lift the crude price based on historical trends, of course. yeah, it would be a significant blow, and when we're looking at 370 plus barrels of commercial inventories
. it required outstanding diplomacy and -- to balance the risks and demands of peace in the sort of opec security environment of the cold war period, which perhaps, perhaps most people to remember but perhaps some do not. so, before turning the program over to marvin though, i would just like to mention, we have a new book that's very pertinent to the subject, the reagan-gorbachev arms control breakthrough, edited by david t. jones, and dedicated to ambassador, the late ambassador maynard whitman, who was the principal inf treaty negotiator and leader of or inf delegation. and copies of this book are available at the baca the room for those of you who would like to purchase one afterwards. so without further a due it's my pleasure, to wish all happy holidays and to turn the program over to marvin. marvin? >> thank you very much, this. it's always a pleasure for me to be asked to come here to moderate a panel. my life has been absolved with the foreign service for an awful long time. though i only work in the foreign service for a year and a half. 1956-seven and moscow. but since that tim
Search Results 0 to 4 of about 5